Industry News

PwC Singapore has announced the appointment of 13 new partners, with a significant focus on artificial intelligence (AI), technology, and data. This strategic move aims to bolster the firm’s capabilities in delivering insight-led and outcome-driven solutions in an increasingly AI-driven world. The appointments, effective from 1 July 2026, highlight PwC’s commitment to integrating deep sector expertise with cutting-edge technology.

Among the new partners, eight specialise in AI, technology, and data, underscoring PwC’s investment in a future-ready partnership. These professionals bring diverse experience across sectors such as technology, energy, healthcare, banking, and capital markets. They are expected to play a crucial role in helping PwC stay ahead of AI trends by combining sound judgement, robust governance, and a strong sense of responsibility.

Executive Chairman of PwC Singapore, Marcus Lam, emphasised the importance of scaling capabilities in the AI era. “Beyond embedding technology and AI across how we think, work, and deliver, it is equally important that we stay grounded in what matters most—our people, our relationships, and the trust we build through every piece of work,” he stated.

The new partners include experts like Andrew Tan, who focuses on assurance in banking, and Audrey Tong, a financial reporting adviser in energy and healthcare. Others, such as Jack Chew and Bhagya Perera, bring expertise in assurance and cybersecurity, respectively. The appointments also cover areas like tax compliance, risk management, and mergers and acquisitions, with partners like Benjamin Tan and Bertrand Truong leading these efforts.

This expansion is set to enhance PwC’s ability to deliver quality decisions faster, as AI and emerging technologies become integral to business operations.

Singapore’s small and mid-cap (SMID) stocks, with market capitalisations between S$100m and S$10b, achieved a significant milestone in the first half of 2026 (H1 2026). These 240 stocks generated an average daily turnover (ADT) of S$696m, marking a 13% total return. This growth in trading activity outpaced the overall market returns, highlighting increased investor participation and liquidity.

The ADT for SMIDs listed before the past 12 months rose from S$362 million in the first half of 2025 (H1 2025) to S$663m in H1 2026. New listings contributed S$33m in H1 2026. Notably, AEM Holdings exemplified this trend, with a 519% total return, including a share price increase from S$1.72 to S$10.63.

Institutional buying was selective, with technology and industrial stocks leading the inflows. The technology sector alone attracted S$560m in net institutional inflow. Companies such as AEM Holdings, Info-Tech Systems, and Frencken Group recorded the highest net institutional inflow relative to market capitalisation.

The increase in trading activity and institutional interest underscores the growing appeal of SMID stocks in Singapore’s market. As global rate outlooks remain hawkish, the focus on technology and industrial sectors suggests a strategic shift towards sectors with promising growth potential. This trend is likely to continue influencing market dynamics in the coming months.

Canopius Group has announced the appointment of Winnie Tay as Underwriter for Financial Lines in Singapore, effective 1 July 2026. Tay, who previously worked at Allianz Global Corporate & Specialty, will report to Robert Barnum, Head of Financial Lines, APAC, and will play a key role in advancing Canopius’ underwriting capabilities across the region.

Tay brings over a decade of experience in Financial Lines roles across Singapore and Southeast Asia. Her most recent position was as Senior Financial Lines Underwriter and Professional Indemnity Lead for Southeast Asia, where she managed underwriting and portfolio management for a multi-market Professional Indemnity portfolio. Her expertise in disciplined pricing, rigorous risk selection, and strong broker relationships is expected to contribute significantly to Canopius’ growth strategy.

Robert Barnum commented on the appointment, stating, “Winnie brings deep Financial Lines expertise and a detailed understanding of the regional market. Her appointment further strengthens our Singapore platform as we continue to grow and enhance our Financial Lines capabilities across APAC.”

Canopius is a global speciality and property and casualty (re)insurer with operations in Australia, Bermuda, Singapore, the UK, and the US. The company underwrites through Lloyd’s Syndicate 4444 and other entities, providing insurance solutions in over 130 countries. Tay’s appointment is part of Canopius’ ongoing efforts to bolster its presence and capabilities in the Asia-Pacific region.

Masa Singapore 2026, a multidisciplinary cultural movement, is set to highlight Indonesia’s contemporary creative scene from 2 July to 10 August 2026 at Takashimaya Square and Gardens by the Bay. The event, themed “A Sight into the Golden Indonesia Era,” aims to present Indonesia as a dynamic culture, evolving through creativity, craftsmanship, and the spirit of gotong royong.

The event will feature over 80 Indonesian brands and creators, making it one of the largest showcases of Indonesian contemporary culture in Singapore. At Takashimaya Square, visitors can explore a tradeshow that highlights the new generation of Indonesian creativity across fashion, design, art, music, hospitality, and culinary experiences. Meanwhile, Gardens by the Bay will host the Indonesia-Singapore Orchid Extravaganza, an immersive experience exploring Indonesian heritage through nature and traditional architecture.

Heliandi Fajar Saputra from the Masa team stated, “Masa is a reflection of Indonesia today. We want to present Indonesia not merely as a destination or a collection of cultural symbols but as a living ecosystem of creators, thinkers, makers, and communities shaping the future together.”

The event will also include cultural programmes such as Masa Sound, featuring musicians like Lullaboy and Marbles, and exhibitions by leading Indonesian artists. Supported by partners like Astra and BCA, Masa Singapore 2026 aims to strengthen cultural ties between Indonesia and Singapore, showcasing the potential of Indonesia’s creative economy on a global stage.

The property market in Singapore experienced a modest price growth of 0.5% in the second quarter of 2026, as reported by Huttons Asia. This marks a deceleration from the 0.9% increase observed in the first quarter. The slowdown is attributed to a higher proportion of sales in the Outside Central Region (OCR), where prices eased by 0.2%.

In Q2 2026, nearly 60% of property sales occurred in the OCR, the highest since the third quarter of 2015. The affordability of homes in this region likely influenced the overall price index. Despite the slower price growth, demand for private homes remained robust, with over 5,300 units sold—1% lower than the previous quarter but 4.5% higher than the same period last year.

The quarter saw the launch of three major non-landed projects: Hudson Place Residences, Tengah Garden Residences, and Vela Bay. Hudson Place attracted buyers with its central location and competitive pricing, selling 218 units at a median price of $2,467 per square foot (psf). Tengah Garden Residences, the first private project in Tengah, sold 860 units at a median price of $2,113 psf, making it the best-selling project by units in 2026. Vela Bay set a new benchmark in the OCR with a median price of $2,863 psf for its 371 units.

Looking ahead, Huttons forecasts up to 12 private residential launches in the second half of 2026, with an estimated 3,567 units. The total number of units launched in 2026 is expected to be around 7,300, a 36.4% decrease from 2025. Consequently, Huttons has adjusted its transaction volume forecast to between 7,500 and 9,000 units, whilst maintaining a price growth forecast of 2% to 5% for the year.

Koh Brothers Eco Engineering Limited, a sustainable engineering solutions provider, has received approval in-principle from the Singapore Exchange Securities Trading Limited (SGX-ST) for its proposed transfer from the Catalist Board to the Mainboard. This strategic move, first announced on 27 May 2026, aims to better reflect the company’s market position and growth stage, whilst enhancing long-term shareholder value.

The transfer is expected to broaden Koh Brothers Eco’s investor base and improve trading liquidity. Chief Executive Officer Paul Shin stated, “Our proposed transfer to the Mainboard marks an important milestone in the Group’s growth journey and reflects the strength of our business, operational track record and long-term strategy.”

The company anticipates that the Mainboard listing will increase its visibility among investors, providing access to a larger and more diverse investor base. This could lead to improved market valuation and greater institutional investor participation. The move is also expected to offer the company more flexibility to pursue growth opportunities both locally and internationally.

As of 31 December 2025, Koh Brothers Eco reported a total order book of approximately S$1.1b, ensuring earnings visibility across its engineering, construction, bio-refinery, and renewable energy sectors. The proposed transfer is subject to regulatory and shareholder approvals, with a circular and notice for an extraordinary general meeting to be issued shortly.

OCBC has unveiled its latest innovation, OCBC WoW, a mobile app featuring AI-driven avatars, Wendy and Wayne, designed to transform customer engagement through hyper-personalised wealth management services. Available 24/7, the app aims to integrate seamlessly into customers’ lives by offering real-time insights and investment advice.

The app, described as the first AI-native bank mobile app in South-East Asia, is part of OCBC’s strategy to leverage AI, Digital, and Data (ADD) to enhance customer experiences. OCBC Group CEO Tan Teck Long stated, “We are changing the ‘face of banking’. Starting with wealth management, we are transforming how we engage customers with the use of avatars and hyper-personalisation on a real-time basis, 24/7.”

OCBC WoW offers several features to keep users engaged, including real-time news, market data, personalised insights, portfolio tracking, and investment ideas tailored to individual risk profiles. Initially, the app will be available to select employees and customers through an invitation-only beta phase, with a broader release planned later.

The app’s architecture is built on four layers, incorporating real-time data ingestion, AI guardrails, intelligence-building AI agents, and customer-facing output modules. This structure ensures secure, always-on wealth management capabilities.

Future enhancements will include additional languages, tailored insurance solutions, and exclusive deals. The rollout builds on OCBC’s previous investments in AI, including a Gen AI-powered training programme for wealth advisers, which has already shown significant improvements in customer engagement and revenue.

OCBC’s commitment to AI and digital innovation is evident in its ongoing efforts to refine and expand its services, promising more developments in the future.

Savills Property Management, a division of Savills Singapore, has bolstered its market leadership by securing seven new residential appointments in May and June 2026. This expansion brings the company’s total managed portfolio to around 73,000 units, including approximately 65,000 residential units, solidifying its position as Singapore’s largest managing agent by unit count.

The newly appointed developments include One Pearl Bank, Cape Royale, Côte d’Azur, and View at Kismis, which began in May, along with Treasures @ Tampines, Meyer Mansion, and Reflections at Keppel Bay, commencing on 1 June. These additions span a diverse range of residential areas across Singapore, from city-centre residences to waterfront and suburban communities.

Marcus Loo, CEO of Savills Singapore, remarked, “Surpassing this milestone reflects the trust that management councils and property owners have placed in Savills over the years. Our continued growth enables us to deepen our expertise, strengthen our service delivery, and better support the evolving needs of management councils, property owners, and residents across Singapore.”

Winnie Wong, Senior Managing Director of Property Management at Savills Singapore, added, “As Savills Property Management marks its 31st year in Singapore, we are pleased to be entrusted with the management of these developments and look forward to working closely with the respective management councils and residents.”

This strategic expansion not only reinforces Savills’ leadership in the property management sector but also highlights its commitment to delivering high-quality service and long-term value to its clients.

A recent survey by BioCatch highlights a worrying trend in Singapore’s banking sector, with 91% of fraud-management, anti-money laundering, and compliance leaders reporting an increase in fraud attempts. Additionally, 75% of respondents noted a rise in fraud losses, exceeding both the regional average of 67% and the global average of 60%.

Social engineering scams have emerged as the most prevalent threat, with over half of the surveyed leaders identifying it as a common attack. Compliance professionals particularly view social engineering as the top concern. BioCatch’s Global Advisory Director, Subhashish Bose, emphasised the importance of developing defences that can differentiate between genuine customers and those manipulated by criminals, leveraging behavioural, device, and network intelligence.

The survey also revealed that only 27% of Singaporean banks reimburse more than half of scam-related losses, significantly lower than the global average of 44%. This conservative approach is partly due to varying reimbursement regulations worldwide.

In terms of preparedness for the Monetary Authority of Singapore’s new requirements for FAST and PayNow, 95% of respondents believe their banks are mostly ready. However, only 14% of fraud professionals feel their organisations are fully prepared, highlighting a gap in implementing effective fraud risk strategies.

BioCatch, known for its behavioural biometrics solutions, commissioned the survey to better understand the challenges facing Singaporean banks. The findings underscore the urgent need for enhanced fraud prevention measures to protect both financial institutions and their customers.

The Monetary Authority of Singapore (MAS) has announced a series of enforcement actions taken in the second quarter of 2026, targeting breaches of financial regulations. These actions include fines, licence revocations, and imprisonment, underscoring MAS’s commitment to maintaining the integrity of Singapore’s financial sector.

In May, MAS reprimanded senior management at Havenport Investments Pte Ltd for failing to ensure compliance with regulations, resulting in a composition fine of $40,000. Additionally, two individuals, Tan Chun Yong and Xie Jianfeng, were convicted for trading-related offences under the Securities and Futures Act, receiving a 10-week imprisonment and a $200,000 fine, respectively.

MAS also revoked the Major Payment Institution Licence of Bsquared Technology Pte Ltd due to significant weaknesses in risk management and misleading information provided to MAS. This revocation took effect on 14 May.

Further, Padang Trust Singapore Pte. Ltd. faced a $300,000 penalty for breaches of Anti-Money Laundering and Countering the Financing of Terrorism requirements. Lastly, Dr Chua Han Boon Kenneth was fined $120,000 for insider trading involving shares of Singapore Medical Group Limited.

These actions highlight MAS’s rigorous enforcement approach to deter misconduct and protect Singapore’s reputation as a financial hub. For more details, refer to the Enforcement Actions page on MAS’s website.